budget living

Millennial Money Mistakes to Avoid

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Written by TK

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I am a millennial, yes it’s true.  I didn’t think I was because I thought I was too old.  However after reading various studies it seems that I’m right on the boarder of being included in one of the most talked about generations of all times – except maybe for baby boomers.

I was born in 1980 and although I’m 35 years old I am technically grouped in with the 20 somethings of the millennial generation.  I’m not sure how I feel about this.  At first I thought I was a bit upset and a little offended.  Then I sat back and thought to myself that perhaps I fit right in with the tech-savvy, economy-leading, money-mistake-making generation of young Americans.

Despite not being a big fan of keeping up to date with technology I do work as a personal finance blogger and social media consultant.  If you check my Twitter feed you’ll see that I always share pictures of myself as well as the food I eat, products I love and clothes I wear.

If you know anything about me from reading about my life here on this blog you know that I was broke – like dirt broke – until I was 33 and now I enjoy my money while saving at the same time.  Actually now that I think about it, I have been a millennial all along, I guess I just don’t like to be labelled – an endearing quality I get from my Dad.

Capital One recently released a Millennial Mindset on Money survey.  It reveals compelling stats about how millennials tackle the highs and lows of #PostGrad finance. This is how millennials feel about money…let’s see if I fit into the pattern shall we?

Statistic: More than half (58%) of millennials say they would rather post a photo of their paycheck on Instagram than share their Google search history on Facebook (42%).

My results: I admit that I regularly Google myself.  As a financial blogger I want to know when my articles are being shared and if they are being used without permission. However I would never ever post a photo of my paycheck online because it’s really nobody’s business.

 

Statistic: Two thirds (67%) of millennials said they would rather have a steady job with a modest income through retirement than become a millionaire with a chance of going broke within a few years.

My results: Oh yes, I am with the majority on this one. I have never in my life changed jobs for more money.  I have left jobs because I was happy and wanted to make a career change, of course more money is a part of this, but I have never taken the same job at another company just because it paid more money.

 

Statistic: When asked what they would do with a $100 cash holiday gift, 40% of millennials said they would use the cash to increase their savings balance.

My results: This is a tossup for me.  I would probably put the money in savings, unless I received the cash gift on Boxing Day, then I would probably spend it on 60% off items.  That’s like saving isn’t it?!

 

Statistic: Nearly half (45%) of Millennials say they would use Facebook to access and manage their money – significantly more than any of the other leading social media platforms.

My results: I actually don’t really like or use Facebook that much.  I have an account, but I mostly use it to see pictures of my friends since they refuse to send them to me by email.  

Photo from Pixabay

 

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TK

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